US BANCORP \DE\ — Director's Dealing 2006

Jul 28, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-07-28

Reporting Person: Otting Joseph M (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-07-28	Common Stock, $0.01 par value	M	35000	$19.5173	Acquired	54547	Direct
2006-07-28	Common Stock, $0.01 par value	S	5600	$32.01	Disposed	48947	Direct
2006-07-28	Common Stock, $0.01 par value	S	29400	$32.00	Disposed	19547	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-07-28	Employee Stock Option (Right to Buy)	$19.5173	M	35000	Disposed	2011-12-19	Common Stock (35000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	892.7574	Indirect

Footnotes

F1: Based on a plan report dated June 30, 2006, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on December 19, 2002.